Focus on Taxation Newsletter - May 2013

On 20 May HMRC released their open consultation on the tax rules applicable to partnerships, a move first alluded to in the Budget 2013 and a step that will undoubtedly get the attention of many in the industry given that, for many, partnerships have become the preferred entity of choice in the UK. The proposal focuses on two aspects which HMRC believe result in unfair tax advantages for businesses operating through LLP structures.

The proposal focuses on two aspects which HMRC believe result in unfair tax advantages for businesses operating through LLP structures.